Risk in Focus is an annual thought leadership research project analysing the top risks faced by organisations across Europe. It is an essential tool for internal auditors and audit committees, and a barometer of what Chief Audit Executives (CAEs) and others perceive as their organisations’ risk priorities for 2024 and beyond.
With the backdrop of economic uncertainty playing a key theme in this year’s Risk in Focus, our report aims to support internal audit and risk management functions in navigating through a poly-crisis of high-impact interlocking risk that organisations are facing today.
We hope this year’s Risk in Focus provides you with the ideas, insights, and inspiration to navigate these challenging times.
Boards must continue to collaborate with their internal audit team to ensure the long-term success and sustainability of their organisations while also responding rapidly to immediate, fast-moving threats. The backdrop of economic uncertainty coupled with climate-related disasters, labour shortages, supply chain issues, geopolitical tensions, and the ongoing Ukraine crisis, means that organisations are now confronted with a poly-crisis of interconnected risks. To weather this crisis, boards must instil an unwavering focus on resilience and a growth mindset to navigate their organisation through this poly-crisis and spring back when conditions are right.
For a summary of Risk in focus 2024, tailored to senior management teams and boards, download the Risk in Focus 2024 board briefing.
For the past eight years, Risk in Focus has sought to highlight key risk areas to help internal auditors prepare their independent risk assessment work, annual planning and audit scoping. It helps Chief Audit Executives (CAEs) to understand how their peers view today’s risk landscape as they prepare their forthcoming audit plans for the year ahead.
This year, Risk in Focus 2024 involved a collaboration between 16 European Institutes of Internal Auditors, spanning 17 countries which included Austria, Belgium, Bulgaria, France, Germany, Greece, Hungary, Italy, Luxembourg, The Netherlands, Norway, Poland, Spain, Sweden, Switzerland, and the UK & Ireland. The highest number of European countries involved so far.
The survey elicited 799 responses from CAEs across Europe. Simultaneously, five roundtable discussions were organised with 46 CAEs on each of the risk areas covered in the report. In addition, we also conducted 11 one-to-one interviews with subject matter experts that included CAEs, Audit Committee Chairs and industry experts to provide deeper insights into how these risks are manifesting and developing.